What are CRA tax rates?
Federal tax rates for 2021
- 15% on the first $49,020 of taxable income, plus.
- 20.5% on the next $49,020 of taxable income (on the portion of taxable income over 49,020 up to $98,040), plus.
- 26% on the next $53,939 of taxable income (on the portion of taxable income over $98,040 up to $151,978), plus.
What is the interest rate for CRA?
Income tax The interest rate used to calculate taxable benefits for employees and shareholders from interest free and low-interest loans will be 1%. The interest rate for corporate taxpayers’ pertinent loans or indebtedness will be 4.17%.
What was the 2016 standard deduction?
$6,300
Basic standard deduction
| Filing status | ||
|---|---|---|
| Year | Single | Married filing separately |
| 2018 | $12,000 | $12,000 |
| 2017 | $6,350 | $6,350 |
| 2016 | $6,300 | $6,300 |
What is the federal tax rate for 2016 in Canada?
The indexation factors and, tax brackets and tax rates have been confirmed to Canada Revenue Agency information. With the reduction of the tax rate from 22% to 20.5% in 2016, increased taxes will not be incurred in 2016 over 2015 until total taxable income (depending on type of income) reaches about $225,000.
Is the federal tax rate going up in 2016?
With the reduction of the tax rate from 22% to 20.5% in 2016, increased taxes will not be incurred in 2016 over 2015 until total taxable income (depending on type of income) reaches about $225,000. Please read the article Understanding the Tables of Personal Income Tax Rates.
What was the tax rate for capital gains in 2016?
Marginal tax rate for capital gains is a % of total capital gains (not taxable capital gains). Gross-up rate for eligible dividends is 38%, and for non-eligible dividends is 17% in 2016, 18% in 2015. For more information see dividend tax credits. 2016 Personal Amount.
What are the income tax brackets for 2016?
The tax brackets in s. 117 (2) of the Income Tax Act (ITA) are replaced with all 2016 tax brackets: $45,282, $90,563, $140,388 and $200,000. This is so that indexation in subsequent years will be applied to dollar amounts that are all from the same year.